The Oxford-Cambridge arc Growth Corridor will be
‘Europe's Silicon Valley' according to government
sources.
The Chancellor is expected to share plans for a
new Development Corporation for Greater Oxford later
this week, slashing burdensome red tape to regenerate the
area, to boost jobs and growth.
Development corporations have a history of transforming local
areas - including in Canary Warf, and Stratford where the
London Legacy Development Corporation regenerated the
area and delivered the 2012 Olympic and Paralympic Games in East
London.
It follows the launch of a consultation on a
Greater Cambridge Development Corporation earlier this
year and would mean both cities can plan and
deliver growth more effectively.
Development Corporations are focused on speeding up major
development and regenerating key
sites to bringing in new investment to boost
homes, jobs and growth.
This bolsters the government's ambition to make the corridor the
Silicon Valley of Europe, the global hub for advanced
manufacturing, AI and life sciences, boosting the UK's economic
growth.
The Chancellor is expected to set these development corporations
up for success by doubling the funding available to buy land and
build the supporting infrastructure from £400 million to up to
£800 million.
The funding would also be used to back new housebuilding in the
region as well as high spec research labs – helping to tackle
everyday cost of living pressures by boosting housing supply,
cutting commuting times and creating more high‑paid jobs across
the region.
An intention to consult on the plans
for Greater Oxford will be unveiled this week
ahead of the Chancellor's Mais lecture on Tuesday (17
March) where she will set out the areas with the
greatest growth opportunities for the UK in the decade to come
and how in a new era of global uncertainty this government's
economic plan is the right one.
A government source said:
“Our plans for the Oxford-Cambridge corridor are ambitious.
And the prize on offer is to have the Silicon Valley of Europe
here in Britain – bringing more jobs and more vibrant places to
live.
“We have the right economic plan and this week the Chancellor
will set out how the regions are crucial to the next decade of
growth.”
Notes to editors
- Over the last year, we have made a number of announcements
which will support growth of the Corridor. These include:
-
- Confirming £2.5 billion for East West Rail at the
Spending Review
- Establishing the UK's first AI Growth Zone in Culham,
with £2.5 billion for fusion at UKAEA
- Fast-tracking plans for two new reservoirs in Oxfordshire
and Cambridgeshire, as part of a £104 billion private sector
funding package
- Supporting Universal Studios to open a world-class theme
park in Bedfordshire, which will generate a £50bn boost for
the economy and create around 28,000 jobs.
- The Chancellor is also expected to build on announcements
last autumn and make a further £400m available to help bring
forward development and enabling infrastructure across the Oxford
to Cambridge corridor.
